New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-18

offered ct 1904 u accepted by the Secretary mo
bonds accepted tho s2.B0000o whchlast week
were offered at 1104s peculiar feature Of the offer
ngs that Of the total registered bonds
S1,5o0,ooo Of those accepted registered bonds),
showing that investors have been and approaching
the fact that at about 100 the Government Is discount
ing its fouryear bonds at Ia per cent while money
can be safely used at TO 10 per cent all over tho
country 1t Is q curious incident that the compers OF
the books showing the value Of bonds at various rates OF
interest at certain percenums per annum on investment
are almost unanimous in supposng that IL per cent
per annum the lowest rate at which II was worm
while TO mako the computation. The 4 IL per cents
are due September J. 1912 little four years. The
books show that 12 per cent bond having four wears
is worth 1O757 TO return IL per cent to the
investor. OF in the of the IL per cents
there nearly lis per cent interest accrued so tha
109.44 fat is really about 1882. As soon as IL was
what days offerings were the bidding prices OF
the l2s declined IL per cent to 100 g. and that for
4s followed with decline OF IA per cent The 4 per
cents at l2G 81 held till maturity will return ABOUT
235 per cent on the investment Last weeks ana ths
weeks offerings developed the fact that not only specu
lators but also investment holders OF the LIS "ic
ready TO change their investments at about current
equres and that the Treasury obtain all the bonds
that it has the money pay for but also That IL mas rs
full command Of the prices within reasonable us
have the SPECTATORS. In fact, no one wants pei
cents due I'm 1901 except the Treasury at anything Ike
prices, and III only wants lhclh ~ -
counting its own paper with surplus funds
Rnt what il OF more Importance the monetary stu
alton than bond purchases prepayment OF interest y
the Treasury is the condition Of the foreign exchanges
Usually at this of the year the market Is wei
supplied with cotton bills drawn against shipments Vi
the new crop in September ana October, but the rates
now are so low that no such bills in the market Tue
reason for Is that the market supplied Wlth scou
bills To-day 1t is announced that kuhn' Loep 20.
have taken for Berlin account S7O00OOO OF ~ LOUIS
and Iron Mountain per cent bonds III Is uiueIs.oo
that 1t is old issue and therefore us Periiss ~
believe that the bonds come IRON Mr. Could private
box IL is such transactions as this together WIN INC
general foreign buying of American securities III tne
market which have started the importation OF God Some
two months earlier than usual When the cotton move
mont starts next month the bills OF exchange whlch
heretofore have been marketed In July ana August VIII
come I'm TO aid further depression OF rates below INC
| gold importing point ,
The stock markets to-day exceedingly duIi; inc
transactions at both boards aggregated only l''oo
shoros1Ao 900 at the Consolidated Exchange and
100 o56 nj the Stock Exchange At the opening London
was buyer and prices were all higher. The advances
made were well sustained TIL past midday Dulness
followed with disposition to walt Ireasur! acuol y"
the bond purchase. The rulnor that the Secre'aI!
vonld accert only 81, 100000 of the bonds offered
(which probably is correcO instlgated new selling
mo, ement although without Government ala money
did rule easy at to l2 per cent and prices uecheu
so that they generally closed lower than last evening"
| The late movement when the market was eN'icihcS
| dull is illustrated by the Old adage Drowning men
clutch o straws" While there has been some reduction
IN the amount OF outstanding short interest among the
traders the large and leading interest has been unds
turbed When it Is there is likely to be display OF
pyrotechncs seldom witnessed at the Stock Exchange
| Government bonds dul with full supply. on
the OF the offers OF to the treasury inc
bids declined Il for the As and q for he Ais Annexed
| are the closing quotations